AbbVie is acquiring Apogee Therapeutics for approximately $10.9 billion, a deal expected to close in the third quarter of 2026. The purchase price is set at $135.11 per share for all outstanding shares of Apogee. This acquisition is a strategic move to deepen AbbVie's immunology portfolio, with Apogee's pipeline assets, particularly Zumilokibart for atopic dermatitis, highlighted for their significant sales potential. The boards of directors of both companies have unanimously approved the transaction.
AbbVie plans to fund this acquisition primarily through debt, despite having marketable securities. This financing strategy is anticipated to cause a $0.14 dilution to AbbVie's adjusted EPS outlook for 2026, though this is partially offset by $0.10 of overperformance in other segments. The company's Q2 2026 earnings call indicated strong performance in immunology and neuroscience, which helped mitigate the impact of biosimilar competition for HUMIRA.
The acquisition underscores AbbVie's commitment to expanding its immunology franchise, an area that has seen considerable growth. The deal's valuation at $10.9 billion reflects the perceived "mega-blockbuster" potential of Apogee's assets. Regulatory and shareholder approvals are still pending for the transaction.
